, Columnist
Tech's Footprint May Be Stomping Over the Market
The sector plays a bigger role in the economy than it did in the dot-com days, but now the crowded trade has to make room for politics.
This article is for subscribers only.
Tech has become the market's, and perhaps the economy's, new too-big headache.
Earlier this week, news that Facebook Inc. allowed a firm with ties to Donald Trump's presidential campaign and a history of trying to sway elections to collect the personal data on 50 million users not only spooked the tech sector but the market in general. And while not a publicly traded company, Uber Technologies Inc. didn't help matters when a self-driving car it was testing killed a woman in Arizona. Before rebounding on Tuesday, a group of the largest tech stocks had lost about $70 billion in market cap.